Finance Minister Mohamed Maait announced that Egypt has officially joined the (JPMorgan) indices of government bonds in emerging markets, environment and governance.
Maait said, in a press release, that Egypt will thus become one of only two countries in the Middle East and Africa on this indicator.
Maait expected Egypt to enter 14 issues in the (JP Morgan) index of government bonds in emerging markets, with a total value of about $26 billion, with a relative weight in the index of 1.85%, including It enables major investment funds and more foreign investors to invest in Egyptian debt instruments in local currency.
The minister added that 90% of foreign investors surveyed supported Egypt's entry into the JP Morgan index, explaining that the Ministry of Finance began seeking about 3 years ago. To re-join Egypt to the index after it left it in June 2011.
He said that Egypt was able to achieve the bank's requirements, including extending the life of the government debt, adjusting the yield curve, and raising the participation rate of foreign investors in government financial instruments with an increase in the volume of each issuance.
Maait indicated that this step reflects the continuous efforts of the Ministry of Finance to reduce the cost of public debt as part of the package of measures taken by the state for economic reforms.
